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  • Mistrust of Banks Take Over in Russia

    12/27/2014 6:06:20 AM PST · by Kaslin · 4 replies
    Townhall.com ^ | December 27, 2014 | Mike Shedlock
    In Russia, the overnight lending rates between banks has soared to 19%, a sign of widespread and warranted mistrust between banks, as one bank has failed. To stabilize the situation, Putin is considering bank deposit insurance up to an amount equivalent rate of about $26,000. Meanwhile, and although Russia is still burning through currency reserves, the value of the Ruble has been rising. CNN Money reports Russia Empties the Vault to Prop Up Ruble. So far this year the central bank has burned through more than $110 billion in foreign currency supplies. That's more than a quarter of what it...